Kawan Food Bhd (KAWAN, 7216)

• KAWAN gained 4.1% or 8 sen to RM2.05 yesterday.

• Share price has been gradually trending upward from the recent low of RM1.75 supported by rising trading volume. Momentum wise, RSI is pointing upwards, indicating gaining in buying momentum hence possible for technical breakout.

• As such, immediate resistance level is expected at RM2.09 (R1) and second level is projected at RM2.39 (R2).

• For the downside, support levels are pegged at RM1.85 (S1) and RM1.60 (S2).

Source: Rakuten Research - 23 Feb 2021